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2019-01-16 11:40:00

OIL PRICE: ABOVE $60

OIL PRICE: ABOVE $60

REUTERS - Oil prices were steady on Wednesday after climbing about 3 percent in the previous session as expectations that OPEC-led supply cuts can tighten market fundamentals offset signs of a global economic slowdown.

International Brent crude oil futures LCOc1 were at $60.68 per barrel at 0703 GMT, 4 cents above their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 2 cents from their last settlement, at $52.13 a barrel.

"It seems the oil market is looking at Saudi Arabia's aggressive supply cuts and Chinese aggressive stimulus," said Jonathan Barratt, chief investment officer at Probis Securities in Sydney.

China's central bank on Wednesday made its biggest daily net cash injection via reverse repo operations on record, more evidence that authorities are shifting to policy easing to counter a slowdown in Asia's biggest economy.

Earlier this week, China reported poor December trade data, with both exports and imports contracting from a year earlier.

"Situation of a developing shortage might arise if the Sino-U.S. trade war goes away, the Chinese economy kicks into gear, Brexit is solved and the United States make good threats on Iran," Barratt said.

Oil prices on Wednesday, however, were prevented from rising further as signs of economic slowdown mounted elsewhere across the globe.

In Japan, core machinery orders slowed sharply in November in a sign corporate capital expenditure could lose momentum as a bruising U.S.-China trade war spills into the global economy.

Meanwhile, the U.S. economy is taking a larger-than-expected hit from a partial government shutdown, White House estimates showed on Tuesday, as talks to end the impasse seem stalled.

The outlook for the global economy darkened further when British lawmakers on Tuesday overwhelmingly rejected Prime Minister Theresa May's deal to leave the European Union.

OPEC CUTS SUPPORT CRUDE

Oil markets are receiving support from supply cuts started late last year by producer group the Organization of the Petroleum Exporting Countries (OPEC) and major non-OPEC producer Russia.

OPEC and its allies will meet on April 17-18 in Vienna to review their oil supply cut deal, and the panel is to be chaired by Saudi Arabia and Russia.

However, surging U.S. crude oil production , which hit a record 11.7 million barrels per day (bpd) late last year, threatens to undermine the OPEC-led efforts.

With so much uncertainty around demand and supply, the outlook for oil markets is unclear.

Oil prices are expected to oscillate close to current levels, according to a large annual survey of energy professionals conducted by Reuters between Jan. 8 and 11, with Brent prices in 2019 expected to average $65 per barrel, unchanged from surveys in 2016, 2017 and 2018.

"The oil market remains amply supplied and prices are set to trade rangebound," said Norbert Ruecker, head of commodity research at Swiss bank Julius Baer.

 

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Earlier: 

Prices
2019, January, 14, 12:20:00

OIL PRICE: NEAR $60

REUTERS - International Brent crude oil futures were at $59.88 per barrel at 0816 GMT, down 60 cents, or 1 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures were down 59 cents, or 1.1 percent, at $51 a barrel.

 

Prices
2019, January, 14, 12:10:00

RUSSIA'S OIL PRODUCTION DOWN 30 TBD

PLATTS - Russia has already lowered its oil output by around 30,000 b/d compared with October volumes, used as a baseline under the latest OPEC/non-OPEC crude production agreement, and still plans to reach a cut of 50,000 b/d by the end of January, Russian energy minister Alexander Novak said Friday.

 

Prices
2019, January, 14, 11:45:00

OIL NEED INVESTMENT

PLATTS - Oil prices averaging $70/b in 2018 underscore the need for more investment in new supply, UAE energy minister Suhail al-Mazrouei told delegates at the Atlantic Council's Global Energy Forum in Abu Dhabi on Saturday.

 

 

Prices
2019, January, 11, 11:55:00

OIL PRICE: NEAR $62

REUTERS - International Brent crude futures LCOc1 were at $61.62 per barrel at 0749 GMT, down 6 cents, or 0.1 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were 4 cents above their last settlement, at $52.63 per barrel.

 

Prices
2019, January, 9, 11:20:00

OIL PRICE: ABOVE $59

REUTERS - U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were at $50.42 per barrel at 0752 GMT, up 64 cents, or 1.3 percent, from their last settlement. That marked the first time this year that WTI has topped $50 a barrel. International Brent crude futures LCOc1 were up 69 cents, or 1.2 percent, at $59.41 per barrel.

 

 Prices
2019, January, 9, 11:15:00

OPEC OIL PRODUCTION DOWN 630 TBD

PLATTS - OPEC crude production in December tumbled 630,000 b/d month on month, an S&P Global Platts survey of industry officials, analysts and shipping data showed Tuesday, but the organization still has much more cutting to do to reach its new quotas for 2019.

 

 Prices
2019, January, 9, 11:10:00

SAUDI'S OIL PRODUCTION DOWN 400 TBD

MEOG - Saudi Arabia reportedly cut its crude production by more than 400,000 barrels per day (bpd) in December 2018. Saudi crude production sat at 10.65 million bpd (mbpd) that month, down from 11.07 mbpd in November. 

Tags: OIL, PRICE, BRENT, WTI,
OIL PRICE: ABOVE $60 February, 18, 12:30:00

OIL PRICE: ABOVE $66

OIL PRICE: ABOVE $60 February, 18, 12:25:00

OIL DEMAND GROWTH 1.4 MBD

OIL PRICE: ABOVE $60 February, 18, 12:20:00

BRENT OIL: UNDERVALUED

OIL PRICE: ABOVE $60 February, 18, 12:15:00

U.S. OIL PRODUCTION 11.9 MBD AGAIN

OIL PRICE: ABOVE $60 February, 18, 12:10:00

BENEFIT FOR RUSSIA

OIL PRICE: ABOVE $60 February, 18, 12:05:00

LATIN AMERICA ENERGY FORUM FEBRUARY 2019

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Chronicle:

OIL PRICE: ABOVE $60
2019, February, 18, 12:00:00

БЫСТРАЯ СИЛА СИБИРИ

ГАЗПРОМ - Как отметил по итогам переговоров Алексей Миллер, «строительство газопровода „Сила Сибири“ идет с опережением графика, „Газпром“ начнет поставки газа в Китай раньше намеченного срока — уже с 1 декабря 2019 года».

OIL PRICE: ABOVE $60
2019, February, 18, 11:55:00

U.S. TIGHT OIL PRODUCTION 7 MBD

U.S. EIA - In December 2018, U.S. shale and tight plays produced about 65 billion cubic feet per day (Bcf/d) of natural gas (70% of total U.S. dry gas production) and about 7 million barrels per day (b/d) of crude oil (60% of total U.S. oil production). A decade ago, in December 2008, shale gas and tight oil accounted for 16% of total U.S. gas production and about 12% of U.S. total crude oil production.

OIL PRICE: ABOVE $60
2019, February, 18, 11:50:00

U.S. SHALE NEED INVESTMENT

REUTERS - On Thursday, the regional price of crude was at a $1.10 a barrel premium to U.S. crude futures, the strongest in more than a year as companies including Parsley Energy, Pioneer Natural Resources, Goodrich Petroleum Corp have pared their exploration budgets, easing the constraints.

OIL PRICE: ABOVE $60
2019, February, 18, 11:45:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.6%

U.S. FRB - Industrial production decreased 0.6 percent in January after rising 0.1 percent in December.

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